Index succeeds in closing above 6900 points
Daily Market Commentary
Side of the Saudi stock trading
Saudi Market Index ended its transactions yesterday in the Green Zone, successfully in closing above 6900 points, to close near the highest point and specifically at a point 6929.40 which is the highest close since October, gaining 36.47 points, with a rise of 0.53 percent.
Following are more details:
Saudi Arabia's Tadawul All-Share Index (TASI) fell 0.3 percent, easing from Monday's 19-month high as financial stocks in the world's top oil exporter declined.
"The global backdrop and commodity prices are weaker today, so we should expect some profit-taking in Saudi Arabia".
Kingdom Holding dropped 2.1 percent, Al-Rajhi Bank lost 0.9 percent and SABB dipped 1 percent.
The market closed with losses across almost all sectors on Tuesday The only sector that saw some gains was the cement sector, which was up 0.17 percent. Losses ranged from 0.07 percent in the transport sector to 0.55 percent in the multi-Investment sector.
Overall market breadth was negative today, with 36 advancers losing out to 81 decliners, recording an AD ratio of 0.44, the Financial Transaction House (FTH) said in its daily market commentary.
Index has seen a state of oscillation, where began its dealings in the Green Zone, but quickly reduced the gains to fall below 6900 points, up to the point 6882 which is the lowest during its sessions, which started them up for further gains even managed to end the session above 6900 points.
As for sector performance in which three sectors were dropped while the rest are issued, losses were seen with the Cement sector with a decline of 0.74 percent losing 31.5 points, followed by the media sector, a decline of 0.68 percent losing 11.94 points, while the insurance sector fell 0.18 percent, losing 1.96 points. On the other hand retail sector rose up to 2.16 percent gaining 106.01 points, followed by the energy sector, a rise of 2.03 percent gaining 86.12 points, while the multi-sector investment rose 1.43 percent, gaining 37.33 points.
SABIC shares – were the largest listed companies by market value – hitting their highest closes since 18 months, up by 1.43 percent to the price of 106.75 riyals touching its highest level since September 2008,at a price of 107 riyals.
Saudi Kayan made its largest gains as the most active stock in terms of all levels with a total volume of 35 million shares